Page 17 - DMEA Week 30 2022

DMEA NEWS IN BRIEF DMEA

production, following the supply distortions Capital IQ. The previous record quarterly The five western oil supermajors - Exxon,
caused by the Russia-Ukraine war. profit for the company was $15.9 billion in Chevron, Shell, BP and TotalEnergies - are
Meanwhile, as Nigeria continues to 2012, another year of elevated oil prices. together on track to generate well over $50
grapple with crude oil production and petrol Chevron’s Q2 profit was $11.6 billion, billion in profits in the three months to the
subsidy challenges, ExxonMobil and Chevron also its highest quarterly profit and easily end of June.
yesterday smashed profit records in Q2 as the surpassing consensus estimates of $9.9 billion. Italian rival Eni yesterday also announced
surging energy prices that followed the war ‘Earnings and cash flow benefited from bumper quarterly results, boosting returns
delivered a windfall for the oil supermajors. increased production, higher realisations to investors after a fourfold year-on-year rise
The huge earnings came as consumers and tight cost control,” said Exxon Chief in adjusted net profit to €3.81 billion, the
reel from sky-high fuel costs that have helped Executive, Darren Woods. Financial Times reported.
drive inflation to levels not seen in decades The blockbuster profits came after UK- Exxon and Chevron’s ‘downstream” oil
across the US and Europe, Africa and other based Shell on Thursday reported its second refining businesses drove their soaring results
parts of the world, threatening a political consecutive record-breaking quarter with after profit margins from selling refined fuels
backlash against energy companies. adjusted earnings of $11.5 billion. France’s above the cost of buying crude oil exploded to
Exxon’s second-quarter net profit was $17.8 TotalEnergies on the same day said profits in record highs.
billion, beating analysts’ estimates of $16.9 the quarter surged to $9.8 billion, almost triple THIS DAY
billion, according to data compiled by S&P the same time a year ago.

Week 30 28•July•2022 www. NEWSBASE .com P17